Thailand: PTTEP Finalizes Cove Purchase
Mr. Tevin Vongvanich, the President and CEO of PTT Exploration and Production Public Company Limited or PTTEP, revealed that PTTEP Africa Investment Limited or PTTEP AI, a wholly owned subsidiary of PTTEP successfully acquired the entire shares capital of Cove Energy Plc. The Offer process is declared wholly completed.
On August 15, PTTEP received written consent to the indirect change of control in Cove from the Republic of Mozambique’s Minister of Mineral Resources. This consent was proceeded after PTTEP received valid acceptances from Cove Shareholders 91.37% since July 2012.
PTTEP would then request the London Stock Exchange for the cancellation of trading in Cove Shares on the Alternative Investment Market (AIM). Once Cove Shares are delisted, Cove will be re-registered as a private company. Meanwhile, PTTEP will shortly begin the process of compulsorily acquiring the remaining 5.68% of Cove Shares from Cove shareholders who have not yet accepted the Offer. PTTEP will also become a partner in Rovuma area 1 and other petroleum projects in the Republic of Mozambique and the Republic of Kenya with other joint venture partners.
Rovuma area 1 in the Republic of Mozambique is a world-class gas discovered area which has estimated gas resources of up to 60 trillion cubic feet (“TCF”) including the oil prospect in the Black Pearl structure. This project is an important PTTEP’s base to increase reserves and production volumes.
The joint venture partners for Rovuma area 1 are PTTEP AI with 8.5%, Anadarko (operator) with 36.5%, Mitsui with 20%, ENH with 15%, Bharat Petroleum with 10% and Videocon holds the rest of 10% interest.
The Acquisition also includes 10% in the onshore Rovuma exploration block in the Republic of Mozambique and 10 – 25% in seven exploration blocks in the Republic of Kenya offshore deepwater. This success will mark PTTEP’s significant step into the highly prospective East Africa hydrocarbon region which will be a vital LNG production base in the future in order to support the increasing demand of Asian region including Thailand.
Source: PTTEP, August 17, 2012